WhaleCreep

Polen Capital 13F holdings, Q4 2025

Long-only investorSEC filingsCompare with another fundHoldings as of 2025-12-31, filed 2026-02-12

Polen Capital disclosed 231 US equity positions worth $23.4bn in its Q4 2025 13F filing. Its largest position is AMZN at 8.5% of the reported book, followed by MSFT and ORCL. Versus Q3 2025 it opened 56 new positions, added to 40, reduced 117 and exited 57.

$23.4bn
Reported equity book
Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
231
Positions
Distinct securities in the equity book with a reported value above zero. Options are excluded.
8.5%
Largest position
The largest single position as a share of the reported equity book.
58.4%
Top 10 weight
The ten largest positions together, as a share of the reported equity book.
22
Effective positions
1 / HHI of portfolio weights: the number of equal-weight positions the book behaves like.
110
Quarters on file since Q1 1999
Quarters for which this manager's 13F holdings are on record.

Holdings

Against Q3 2025: 56 new, 40 added, 117 reduced, 57 exited

50 of 231
AMZN AMAZON COM INCConsumer Cyclical8.5%$2.0bn8.65m−23%reduced
MSFT MICROSOFT CORPTechnology8.1%$1.9bn3.91m−22%reduced
ORCL ORACLE CORPTechnology6.0%$1.4bn7.19m−23%reduced
LLY ELI LILLY & COHealthcare5.7%$1.3bn1.25m−23%reduced
GOOG ALPHABET INCCommunication Services5.4%$1.3bn4.02m−13%reduced
AVGO BROADCOM INCTechnology5.2%$1.2bn3.53m−21%reduced
MA MASTERCARD INCFinancial Services5.2%$1.2bn2.13m−22%reduced
V VISA INCFinancial Services5.1%$1.2bn3.38m−22%reduced
SHOP SHOPIFY INCTechnology5.0%$1.2bn7.20m−35%reduced
NVDA NVIDIA CORPORATIONTechnology4.2%$994m5.33m−15%reduced
NOW SERVICENOW INCTechnology3.7%$870m5.68m+405%added
MSCI MSCI INCFinancial Services3.3%$764m1.33m−16%reduced
ZTS ZOETIS INCHealthcare3.0%$700m5.56m−26%reduced
AON AON PLCFinancial Services2.8%$652m1.85m−26%reduced
IDXX IDEXX LABS INCHealthcare2.8%$650m960,537−15%reduced
SBUX STARBUCKS CORPConsumer Cyclical2.4%$571m6.79m−24%reduced
ACCENTURE PLC IRELAND no ticker–2.2%$505m1.88m−24%reduced
ABT ABBOTT LABORATORIESHealthcare2.1%$496m3.96m−47%reduced
ISRG INTUITIVE SURGICAL INCHealthcare2.0%$477m842,618–new
ADBE ADOBE INCTechnology2.0%$471m1.35m−28%reduced
ABNB AIRBNB INCConsumer Cyclical1.8%$411m3.03m−24%reduced
SNPS SYNOPSYS INCTechnology1.7%$397m844,881−19%reduced
BSX BOSTON SCIENTIFIC CORPHealthcare1.6%$383m4.02m−28%reduced
IWF ISHARES TR–1.6%$367m776,086+241%added
INTU INTUITTechnology1.5%$340m512,656−23%reduced
CSGP COSTAR GROUP INCReal Estate1.4%$329m4.89m−23%reduced
PAYC PAYCOM SOFTWARE INCTechnology1.2%$292m1.84m−30%reduced
UBER UBER TECHNOLOGIES INCTechnology1.2%$291m3.57m−22%reduced
MELI MERCADOLIBREConsumer Cyclical0.4%$96.5m47,920−3.2%reduced
ACWI ISHARES TR–0.4%$86.3m610,133+220%added
TSM TAIWAN SEMICONDUCTOR MANUFACTechnology0.3%$61.0m200,593+13%added
SAP SAP SETechnology0.2%$56.7m233,332−32%reduced
SPOT SPOTIFY TECHNOLOGY S ACommunication Services0.2%$41.6m71,658+547%added
NU NU HLDGS LTDFinancial Services0.08%$19.4m1.16m−25%reduced
ICLR ICON PLCHealthcare0.08%$19.2m105,206−76%reduced
NFLX NETFLIX INC.Communication Services0.07%$16.3m173,797−64%reduced
VUG VANGUARD INDEX FDS–0.07%$16.2m33,124+185%added
HDB HDFC BANK LTDFinancial Services0.06%$13.4m367,007−38%reduced
ASML ASML HLDG NVTechnology0.05%$12.0m11,195−43%reduced
MNDY MONDAY COM LTDTechnology0.05%$11.7m79,332−37%reduced
GOOGL ALPHABET INCCommunication Services0.04%$9.7m30,864−93%reduced
IVV ISHARES TR–0.04%$9.4m13,669–new
ON HLDG AG no ticker–0.04%$9.0m194,483−25%reduced
WTW WILLIS TOWERS WATSON PLC LTDFinancial Services0.04%$9.0m27,425−88%reduced
ACWX ISHARES TR–0.04%$8.5m126,761+106%added
MDT Medtronic PlcHealthcare0.03%$8.1m84,500−32%reduced
AGX ARGAN INCIndustrials0.03%$7.8m24,886−34%reduced
WGS GENEDX HOLDINGS CORPHealthcare0.03%$7.8m59,861−12%reduced
TME TENCENT MUSIC ENTMT GROUPCommunication Services0.03%$7.2m412,467−27%reduced
DLO DLOCAL LTDTechnology0.03%$6.6m466,809−33%reduced

Exited since Q3 2025

57 rows
HYG ISHARES TR0.05%$16.2m
RSP INVESCO EXCHANGE TRADED FD T0.03%$8.5m
VIST VISTA ENERGY S.A.B. DE C.V.0.02%$7.3m
QQEW FIRST TR EXCHANGE-TRADED FD0.01%$3.2m
VO VANGUARD INDEX FDS0.01%$2.6m
CORT CORCEPT THERAPEUTICS INC0.01%$2.4m
CVLT COMMVAULT SYSTEMS INC0.01%$2.0m
WRBY WARBY PARKER INC0.01%$1.8m
LRN STRIDE INC0.01%$1.7m
BBSI BARRETT BUSINESS SVCS INC0.01%$1.6m
PCT PURECYCLE TECHNOLOGIES INC0.0%$1.2m
LQDT LIQUIDITY SERVICES INC0.0%$1.1m
MERUS N V no ticker0.0%$1.1m
ARLO ARLO TECHNOLOGIES INC0.0%$1.0m
REAX THE REAL BROKERAGE INC0.0%$981k
ELF E L F BEAUTY INC0.0%$858k
UTI UNIVERSAL TECHNICAL INST INC0.0%$822k
ACHR ARCHER AVIATION INC0.0%$781k
CAKE CHEESECAKE FACTORY INC0.0%$777k
PG PROCTER & GAMBLE CO0.0%$745k
HIMS HIMS & HERS HEALTH INC0.0%$716k
KO COCA COLA CO0.0%$696k
NTNX NUTANIX INC0.0%$656k
PEP PEPSICO INC0.0%$636k
NGVC NATURAL GROCERS BY VITAMIN0.0%$571k
CHEF CHEFS WHSE INC0.0%$554k
VST VISTRA CORP0.0%$534k
DOCS DOXIMITY INC0.0%$527k
BABA ALIBABA GROUP HLDG LTD0.0%$509k
MCD MCDONALDS CORP0.0%$504k
Z ZILLOW GROUP INC0.0%$504k
P EVERPURE INC0.0%$500k
GATES INDL CORP PLC no ticker0.0%$480k
CAVA CAVA GROUP INC0.0%$479k
EVER EVERQUOTE INC0.0%$477k
BIDU BAIDU INC0.0%$450k
MVST MICROVAST HOLDINGS INC0.0%$436k
NAYAX LTD no ticker0.0%$434k
NTES NETEASE COM INC0.0%$406k
META META PLATFORMS INC0.0%$395k
WLFC WILLIS LEASE FINANCE CORP0.0%$353k
VOE VANGUARD INDEX FDS0.0%$349k
RBBN RIBBON COMMUNICATIONS INC0.0%$332k
SG SWEETGREEN INC0.0%$320k
ALNY ALNYLAM PHARMACEUTICALS INC0.0%$316k
RBRK RUBRIK INC.0.0%$247k
NKE NIKE INC0.0%$245k
BEAM BEAM THERAPEUTICS INC0.0%$222k
AXON AXON ENTERPRISE INC0.0%$215k
APPF APPFOLIO INC0.0%$208k

Sector mix

  • Technology40.6%
  • Healthcare17.6%
  • Financial Services16.6%
  • Consumer Cyclical13.3%
  • Communication Services5.7%
  • Unclassified4.4%
  • Real Estate1.4%
  • Industrials0.3%
  • Energy0.02%
  • Basic Materials0.02%
  • Utilities0.01%
  • Consumer Defensive0.01%

Book over time

Every quarter on file (110)
QuarterPositionsEquity book
Q2 2026219$11.6bn
Q1 2026221$14.5bn
Q4 2025231$23.4bn
Q3 2025232$30.8bn
Q2 2025240$32.6bn
Q1 2025117$31.8bn
Q4 2024124$37.0bn
Q3 2024118$38.7bn
Q2 2024110$39.9bn
Q1 2024104$43.3bn
Q4 2023107$41.5bn
Q3 202399$38.0bn
Q2 2023100$40.3bn
Q1 202394$37.9bn
Q4 202293$34.3bn
Q3 202285$35.8bn
Q2 202284$37.9bn
Q1 202291$51.3bn
Q4 202192$59.5bn
Q3 202191$54.5bn
Q2 202181$52.2bn
Q1 202171$44.5bn
Q4 202072$43.0bn
Q3 202065$37.4bn
Q2 202063$33.1bn
Q1 202063$23.1bn
Q4 201962$25.4bn
Q3 201958$21.7bn
Q2 201956$20.6bn
Q1 201959$19.1bn
Q4 201858$15.3bn
Q3 201858$17.6bn
Q2 201859$15.6bn
Q1 201856$14.1bn
Q4 201753$13.5bn
Q3 201735$12.4bn
Q2 201729$11.4bn
Q1 201726$10.7bn
Q4 201626$9.1bn
Q3 201627$8.4bn
Q2 201627$7.9bn
Q1 201627$7.3bn
Q4 201526$6.5bn
Q3 201524$5.5bn
Q2 201524$5.2bn
Q1 201524$5.1bn
Q4 201423$4.9bn
Q3 201422$4.4bn
Q2 201425$4.6bn
Q1 201423$4.6bn
Q4 201323$4.5bn
Q3 201324$4.3bn
Q2 201326$4.2bn
Q1 201324$4.7bn
Q4 201218$4.3bn
Q3 201217$4.2bn
Q2 201218$3.8bn
Q1 201217$3.3bn
Q4 201118$2.2bn
Q3 201117$1.7bn
Q2 201117$1.7bn
Q1 201117$1.4bn
Q4 201016$1.0bn
Q3 201017$903m
Q2 201016$643m
Q1 201017$692m
Q4 200917$581m
Q3 200917$461m
Q2 200918$348m
Q1 200918$260m
Q4 200820$243m
Q3 200819$308m
Q2 200819$320m
Q1 200821$516m
Q4 200719$621m
Q3 200719$589m
Q2 200723$580m
Q1 200721$607m
Q4 200621$646m
Q3 200620$626m
Q2 200620$841m
Q1 200618$1.2bn
Q4 200520$1.8bn
Q3 200519$2.0bn
Q2 200519$1.9bn
Q1 200519$1.9bn
Q4 200417$1.8bn
Q3 200418$1.8bn
Q2 200418$1.8bn
Q1 200418$1.6bn
Q4 200319$1.6bn
Q3 200319$1.3bn
Q2 200318$1.2bn
Q1 200318$968m
Q4 200218$910m
Q3 200218$733m
Q2 200218$719m
Q1 200218$719m
Q4 200117$608m
Q3 200117$556m
Q2 200114$494m
Q1 200116$569m
Q4 200017$559m
Q3 200017$645m
Q2 200017$623m
Q1 200017$625m
Q4 199917$613m
Q3 199917$539m
Q2 199920$504m
Q1 199919$443m

Where Polen Capital was early

45 rows
UPS UPSQ2 20001 of 1745.3%8.4%27Exited by Q1 2007+27%
HSY The Hershey CompanyQ3 20011 of 1256.5%8.3%21Exited by Q4 2006+64%
PFE Pfizer IncQ3 20012 of 2086.9%7.6%18Exited by Q1 2006−42%
PEP PEPSICO INCQ4 20021 of 1393.9%7.9%23Exited by Q4 2025+233%
GD General DynamicsQ4 20023 of 1346.1%6.1%6Exited by Q2 2004+13%
JNJ Johnson & JohnsonQ3 20032 of 1693.0%7.4%16Exited by Q3 2007+24%
HOG Harley-Davidson IncQ4 20032 of 1202.9%6.5%15Exited by Q3 2007+25%
MMM 3M CompanyQ4 20032 of 1655.7%6.3%15Exited by Q3 2007+2.1%
CSCO Cisco Sys IncQ1 20054 of 1703.2%8.7%23Exited by Q4 2010+22%
ORCL ORACLE CORPQ3 20054 of 2565.5%8.5%73Held at last filing, Q2 2026+1082%
ADBE ADOBE INCQ2 20063 of 2752.2%9.9%54Held at last filing, Q2 2026+575%
SYK StrykerQ2 20063 of 1502.0%6.7%12Exited by Q2 2009−19%
EBAY Ebay IncQ2 20068 of 1861.9%5.9%11Exited by Q2 2014+89%
NKE NIKE INCQ3 20064 of 2083.2%8.4%59Exited by Q4 2025+537%
ADSK AUTODESK INCQ4 20062 of 2173.1%6.5%32Exited by Q1 2026+632%
ABT ABBOTT LABORATORIESQ4 20065 of 1814.8%7.5%61Held at last filing, Q2 2026+288%
ADP AUTOMATIC DATA PROCESSING INQ1 20076 of 1486.2%6.5%58Exited by Q1 2026+570%
MA MASTERCARD INCORPORATEDQ3 20076 of 2633.3%8.5%71Held at last filing, Q2 2026+3371%
CHRW CH Robinson IncQ1 20082 of 1341.6%6.9%23Exited by Q4 2013+9.5%
EXPD Expeditors IntlQ1 20084 of 1203.5%3.8%6Exited by Q3 2009−26%
QCOM Qualcomm IncQ1 200814 of 2463.1%7.5%26Exited by Q3 2014+93%
FDS FACTSET RESH SYS INCQ3 20084 of 1300.07%4.8%16Exited by Q2 2015+205%
V VISA INCQ3 20089 of 2842.1%8.6%61Held at last filing, Q2 2026+2135%
AMZN AMAZON COM INCQ4 20083 of 3782.0%14.4%32Held at last filing, Q2 2026+9196%
GILD Gilead IncQ1 20096 of 1814.2%6.7%6Exited by Q3 2010−26%
AAPL APPLE INCQ1 200914 of 2755.0%10.5%44Held at last filing, Q2 2026+7607%
SBUX STARBUCKS CORPQ3 20102 of 2172.7%7.0%56Held at last filing, Q2 2026+700%
TROW Price T Rowe Group IncQ4 20106 of 1205.2%7.0%15Exited by Q3 2014+31%
CTSH Cognizant Tech SolQ1 20113 of 1493.9%7.4%9Exited by Q2 2013−5.9%
ISRG INTUITIVE SURGICAL INCQ2 20112 of 1893.3%6.4%21Held at last filing, Q2 2026+862%
INTU INTUITQ4 20114 of 2392.0%5.7%11Exited by Q2 2026+722%
GWW GRAINGER W W INCQ4 20123 of 1202.0%4.3%12Exited by Q4 2015+6.3%
IT GARTNER INCQ1 20131 of 1331.3%5.0%53Exited by Q2 2026+191%
FAST FASTENAL COQ1 20137 of 1422.1%4.3%18Exited by Q3 2017−15%
REGN REGENERON PHARMACEUTICALSQ2 20133 of 1710.01%6.8%34Exited by Q2 2022+211%
META META PLATFORMS INCQ3 201315 of 3842.8%8.8%38Held at last filing, Q2 2026+1021%
TJX TJX COS INC NEWQ4 20135 of 1852.0%5.5%16Exited by Q4 2017+16%
ORLY OREILLY AUTOMOTIVE INCQ3 20146 of 1623.0%6.5%26Exited by Q2 2022+356%
CELG CELGENE CORPQ4 20149 of 1343.7%6.1%15Exited by Q3 2018−29%
GOOG ALPHABET INCQ4 201528 of 3506.3%8.2%43Held at last filing, Q2 2026+831%
ALGN ALIGN TECHNOLOGY INCQ1 20166 of 1781.5%5.2%36Exited by Q1 2025+187%
BKNG BOOKING HOLDINGS INCQ1 201824 of 3133.4%3.4%12Exited by Q2 2022+13%
NVDA NVIDIA CORPORATIONQ3 201839 of 3974.0%6.9%7Held at last filing, Q2 2026+2748%
MSCI MSCI INCQ3 201914 of 1762.1%3.5%23Held at last filing, Q2 2026+157%
ABNB AIRBNB INCQ3 202119 of 2532.9%4.3%20Held at last filing, Q2 2026−15%

Concentration and tenure

9.0%
Median largest position, all quarters
The largest single position as a share of the reported equity book.
65.1%
Median top 10 weight, all quarters
The ten largest positions together, as a share of the reported equity book.
Concentrated
Style, by median largest position
4
Median completed holding, quarters